Akola is a city in the Vidarbha region of the Indian state of Maharashtra. It is known for being one of the largest producers of cotton in the entire country and has hence received the nickname of the Cotton City. It is a striking road and rail junction near the Tapti River valley, which is also a commercial trading center chiefly for cotton. The city with roughly 5 lakh people, is governed by Akola Municipal Corporation. The city lies near the Tropic of Cancer and experiences a tropical humid climate and the residents are mostly found donning plain cotton clothes. Akola city is known for its many agricultural universities alongside veterinary colleges, engineering, medical and normal degree colleges. Cotton production and textile industry chiefly drive the economy of Akola. Akola has a very good grain market which contributes to the citys economy. The city has mills for pulses and oil. The IT sector is also growing at a fast pace. Standing on the banks of the Morna River, the city of Akola is rapidly developing.
On November 3, 1926, the Laxmi Vilas Bank was founded under the Indian Companies Act, 1913, and on November 10, 1926, it had achieved the certificate to commence business. In 1926, seven businessmen of Karur founded Lakshmi Vilas Bank under the leadership of Shri V.S.N. Ramalinga Chettiar. They aimed to serve the financial needs of people who were occupied in trading businesses, industry and agriculture, in and around Karur. The Laxmi Vilas Bank is a private sector bank. It is based in Chennai, Tamil Nadu, India and did considerable expansion of its branch network from 1961 to 1965, when the bank took over nine other banks. In 1976, the bank obtained the status of Authorized Dealer in foreign exchange for providing services to the customers involved in international trade as well as to travelers who travel overseas. In 1977, the mechanization was introduced in the administrative office. The bank implemented core Banking Solution (CBS) in October 2006, and all of the banks branches were migrated to CBS by March 2008. Lakshmi Vilas Bank has 523 offices,984 ATM centers, and seven extension counters, as of 2018. Mr. Partha Sarthi Mukherjee is the MD and CEO of Lakshmi Vilas Bank. The bank was established on November 3, 1926, under the Indian Companies Act, 1913, and on November 10, 1926, it obtained the certificate to commence business.